Half Price Plastic Personal Loan Discussion

System

I intend to try this method out - can someone help me ?

1. I earn about £2600 per month and can handle large monthly payments.

2. I currently have a loan with egg, and it is going to be all paid up in 2 months. (£900 per month installment).

3. I need to procure a loan of £10000 - is this method suitable for this ? I need lump sum.

4. What should I do to get this loan , should I top up my egg loan and then trasnfer to the platinum card ?

5. Will this affect my credit rating ?

6. Is there an automated way of setting up repayments e.g. direct debit ?

7. Any hidden fees ? Issues ? Risks ?

8. I have a barclaycard gold, and can get a platinum one if needs be...

Would appreciate if someone can help me out.

ta !

System

Hi Martin, I am knew to all this and reading these messages sometimes confuses me. I need to take a personal loan and so far, from reading the info on your site, the Capital one card seems to be the option for me. Can you kindly advise me on the following;

a. Can I take another loan after completing payment on the first or can I still borrow some more before completing payment on the first?

b. Can I use this loan, which I suppose will be cash transfered into my current account, for payment of domestic purchases, such as food, petrol, payment of utility bills?

c. What is the loan limit I can borrow?


I have a 0% Halifax Plat credit card with about £1300, due to expire by end of this month.
Is this 3.9% still current, 'cos when I just checked, it said 4.9% instead of the 3.9%? ???

Thank you and best regards.

bindiboo

hi can i get the Capital One’s No Hassle Platinum card, at just 3.9% to get my mortage paid of and then pay back the Platinum card at 3.9%.
myself and my wife can get upto 10k limit each(enough to pay the mortgage) currently paying around 6% interest rate.
thanks

Big_Steve_5

Some advice please....

I would like to pay off my wife's car loan by using this `Half Price Plastic` method. However, Toyota Finance have said that they will charge 2% to pay off the loan with a credit card!!
Can anyone suggest a method of transferring the debt to the Capital Card, without incurring this rediculous charge!

Many Thanks.

sarahsmith_3

I am considering this but as I've been tarting credit cards for the last 2 years and I want to find something I can stick with and then forget about. I think my husbands credit rating has been affected by tarting and we owe around £10k so it's never going to be paid off in 12 or even 18 months. Is this half price plastic loan the best way to go? If I'm going to apply for another credit card I don't want to further jeopardise any credit ratings in case we have to get a loan from elsewhere. Basically this is the last move I want to make and need to know it's the most suitable, or find a better alternative.

zcaprd7

Big Steve - move the money to your current account via a super balance tranfer card (Egg or MBNA type).

Pay off the debt, after the 0% runs out transfer to another card (I suggest a life of balance card)...

For more info check out the credit card threads, lots of people there are taking the cash out off 0% deals and putting them into savings accounts - you are doing similiar but paying off existing debt instead - it means your savings are huge because you are paying either 0% or 3.9% instead of 8/9/10%.

Bindloo - you can do similiar to get the cash into your account - just be aware that Capital One will want 3% minimum payments each month which may be more than your paying at the moment?

One way around it is to borrow a bit extra to fund the first first payments??

aliwatts

???
HI,
Please can anyone tell me if it is possible to move a presonal loan with a rate of 6.2% across to the new texaco card at 3.9% ??? If so, how do I do it ?? Thanks for any advice that might be given.
Ali

I have use MSE for ages but keep forgetting to login !!!

zcaprd7

Err - in my previous post it tells you?

For more detail read Martin's article that started this thread:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1072014103,72239,

PMU_2

rIn reading the article and filling out the application form for the "half proce personal loans" what I didn't see was how much time you were given to pay off the loan, (IE Is there a time limit as to how long you can take this out for? How long is the "life balance" repayment period?) This will surely dictate not only how much you pay, but how much you have to pay each month. (Is there a minimum % required?)

As such it may be cheaper in the long term, if you have 3-4 years to re-pay, ( at 3.9%)but may not be affordable in the short term if you only have 1-2 years to pay!

Anyone have experience of this?

zcaprd7

You are right - the 3% mimimum payments (to begin with) are high - but they get smaller - so small that the 'loan' will last far longer than normal.


One approach is to borrow a bit more than you need (if possible) to help with, say, the first 6 payments.

Another is to borrow less than you need so its more manageble?